New act on the rules of bills of exchange and promissory notes

Since the new Hungarian Code of Civil Procedures applicable from 1 January 2018 contains no provisions relating to the bills of exchange (in Hungarian: idegen váltó) and promissory notes (in Hungarian: saját váltó), the special procedural regulations of the bill procedures are included in a separate act entered into force on 1 January 2018.

The new act defines the clearing house (in Hungarian: leszámolóhely), which is a credit institution managing a bank account for the addressee of the bill of exchange or the issuer of the promissory note.

Under the new act, in case of a protest for non-acceptance or non-payment, the public notary must send a written notification to the person obliged to pay on the basis of the bill. The act also defines the exact place of the bill actions such as the presentation of the bill for acceptance or payment and the protest. In addition, the set-off against the bill claim is only allowed in special cases determined by the act.

The bill procedures fall under the competence of the regional courts. In bill procedures the court must act in priority and the act determines shorter procedural deadlines for these procedures.




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